Bears Focused On $1.1583-1.1661...>

EURO-DOLLAR TECHS: Bears Focused On $1.1583-1.1661

*RES 4: $1.1833 Low Sept 25 now resistance 

*RES 3: $1.1793 Hourly resistance Oct 2 

*RES 2: $1.1768 Hourly support Oct 2 now resistance 

*RES 1: $1.1730 Low Oct 2 now resistance

*PRICE: $1.1704 @ 0330GMT

*SUP 1: $1.1684 Daily Bear channel base 

*SUP 2: $1.1661 Low Aug 17 

*SUP 3: $1.1611 Low July 26 

*SUP 4: $1.1583 High July 18 now support

*COMMENTARY: Recent failures around the 55-DMA ($1.1824) and ahead of $1.1862

resistance have left the pair looking heavy with bears currently focused on

$1.1583-1.1661 with the 100-DMA just beneath at $1.1576. O/S daily studies and

the Bollinger base ($1.1703) remain key concerns for bears. Layers of resistance

add weight to the bearish case with bulls still needing a close above $1.1862 to

hint at a move back to $1.2033-92 with above the 21-DMA ($1.1889) to confirm.